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How Does the New Growth Theory Explain Economic Growth

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How does the new growth theory explain economic growth?


Definitions:

Adaptive Pessimism

A psychological strategy where negative outcomes are anticipated to manage expectations and prepare for challenges.

Collectivistic Cultures

Societies that emphasize the needs and goals of the group over the individual, often prioritizing harmony, interdependence, and cooperation.

Chronic Disease

A long-lasting condition that can be controlled but not cured.

Procedural Knowledge

What a person knows but cannot really talk about; sometimes called knowing how.

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